COVID-19 Impact on Floating Wind Turbine Market Size & Growth Analysis Report, 2021-2027

Allied Market Research published a new report, titled, "Floating Wind Turbine Market " The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in demand for renewable power sources, reduced carbon emission and higher capacity factor than other wind turbines drive the growth of the global floating wind turbine market. However, high installation and high maintenance costs hamper the market growth. On the contrary, developments in wind turbine structure would open new opportunities for the market players in the future.

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Covid-19 scenario-

During the first phase of the lockdown, the limited availability of spares and manpower for maintenance negatively affected the market of the floating wind turbine. Moreover, cancellation of orders and delays in the project impacted the market.

However, there is an increase in demand for remote monitoring of projected due to rapid implementation of digitization. This is expected to help the market get back on track.

The global floating wind turbine market is segmented on the basis of foundation, depth, deep water, and region. Based on foundation, the semi-submersible foundation segment is projected to manifest the highest CAGR of 33.9% during the forecast period. However, the spar-buoy foundation segment held the largest share in 2019, accounting for more than half of the market.

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Based on foundation, the spar-buoy segment garnered highest market share, owing to its simple design which can be easily fabricated. In addition, spar-buoy involves few number of welds unlike other designs.

Based on depth, the deep water (>60 meter) segment emerged as the market leader. The installation of deep water turbine offers large area with no constraint of water depth which helps in selecting the best site for wind power plant.

Europe accounted for significant market share, owing to favorable government measures to promote renewable power sources for industrial and commercial applications.

Major players have adopted product launch, business expansion, and acquisition to sustain the intense market competition. The key players profiled in the report include Siemens Gamesa Renewable, MHI Vestas Offshore Wind, Senvion SA, ABB group, GE Renewable Energy, and NORDEX SE.

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